Medtronic to Book $500 Million Restructuring Charge
September 28 2015 - 6:09PM
Dow Jones News
By Maria Armental
Medtronic PLC will book a $500 million charge in its second
quarter tied to an internal restructuring following its $50 billion
acquisition of Covidien PLC in January.
The restructuring, which largely resulted in a change to
Medtronic's U.S. income taxes, frees up about $9.8 billion in cash
and other investments to meet its financial targets, including
cutting its debt-to-Ebitda ratio by the end of fiscal year 2018
while returning at least half of its free cash flow to investors
through dividends and stock buybacks.
As part of the Covidien deal, Medtronic changed its headquarters
from Minneapolis to Dublin, lowering its over all tax burden.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 17:54 ET (21:54 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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